Astronics Corporation Awarded Contract for Night Vision Compatible Lighting System for F-16 Aircraft Fleet
EAST AURORA, N.Y., July 20, 2016 (GLOBE NEWSWIRE) -- Astronics Corporation (NASDAQ:ATRO), a leading supplier of technological solutions to the global aerospace, defense, and semiconductor industries, today announced it has been awarded a contract to provide night vision compatible lighting systems for an undisclosed country’s fleet of F-16 aircraft. The award covers both design and development as well as product production. The contract is being administered through the U.S. government’s foreign military sales program and is expected to be completed over the next 24 months. Its value exceeds $5 million, with over 90% of the contract’s revenue anticipated in 2017 and 2018.
Astronics will develop a complete lighting system that will enable the aircraft to be piloted using night vision goggles. It includes exterior and cockpit lighting as well as related products required to modify the aircraft wiring and control systems. Over the past 20 years, Astronics’ lighting systems have been used to modify over 1,200 F-16 aircraft in the U.S. and around the world.
Peter J. Gundermann, President and CEO of Astronics, commented, “This award builds on our strong legacy of providing world class lighting systems to the global aerospace market. In addition to our long history with the F-16, we provide lighting systems on virtually every major fighter, rotorcraft and transport aircraft flown by militaries worldwide, including the F-18, F-35, UH-60, V-22, CH-53K, C-130 and KC-390 to name just a few.”
ABOUT ASTRONICS CORPORATION
Astronics Corporation (NASDAQ:ATRO) is a leading supplier of products to the global aerospace, defense and semiconductor industries. Astronics’ products include advanced, high-performance electrical power generation, distribution and motion systems, lighting and safety systems, avionics products, aircraft structures, systems certification, and automated test systems. Astronics’ strategy is to increase its value by developing technologies and capabilities, either internally or through acquisition, and using those capabilities to provide innovative solutions to its targeted markets and other markets where its technology can be beneficial. Through its wholly-owned subsidiaries, Astronics has a reputation for high-quality designs, exceptional responsiveness, strong brand recognition and best-in-class manufacturing practices. The Company routinely posts news and other important information on its website at www.astronics.com.
For more information on Astronics and its products, visit its website at: www.Astronics.com.
Safe Harbor Statement
This news release contains forward-looking statements as defined by the Securities Exchange Act of 1934. One can identify these forward-looking statements by the use of the words “expect,” “anticipate,” “plan,” “may,” “will,” “estimate” or other similar expressions. Because such statements apply to future events, they are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated by the statements. Important factors that could cause actual results to differ materially include the capabilities of the acquired company, achieving expected revenue levels, successfully leveraging complementary capabilities in the Test Systems segment, the state of the aerospace and defense industries, the market acceptance of newly developed products, internal production capabilities, the timing of orders received, the status of customer certification processes, the demand for and market acceptance of new or existing aircraft which contain the Company’s products, customer preferences, and other factors which are described in filings by Astronics with the Securities and Exchange Commission. The Company assumes no obligation to update forward-looking information in this news release whether to reflect changed assumptions, the occurrence of unanticipated events or changes in future operating results, financial conditions or prospects, or otherwise.
For more information contact: Company: David C. Burney, Chief Financial Officer Phone: (716) 805-1599, ext. 159 Email: david.burney@astronics.com Investor Relations: Deborah K. Pawlowski, Kei Advisors LLC Phone: (716) 843-3908 Email: dpawlowski@keiadvisors.com
Released July 20, 2016
